Investment options have been squeezed by low interest rates for a considerable time. However, this doesn’t mean that investors have no options – just that they need the right advice.

Are you happy with the uptake of third pillar pension products? What are you doing to encourage more?

David G Curmi

Mapfre MSV Life
CEO

Mapfre MSV Life was the first provider of Personal Pension Plans in Malta when, late in 2015, it had two personal pension plans registered with the Inland Revenue Department, enabling savers to receive a tax rebate on their savings for retirement.

Since the launch of these approved Personal Pension Plans, Mapfre MSV Life has exceeded €1 million in premium income into these third pillar pension products. This is considered to be a very positive development especially in view of the fact that the introduction of tax credits for people saving into personal pensions was an important step in encouraging higher voluntary provision.

Mapfre MSV Life continues to encourage and promote the importance of starting to plan early for one’s retirement savings.

While we now have personal pensions and tax incentives for people saving for their retirement, it is important to engage with more and more people. We recognise the important role that employers have in educating their employees and providing them with access to financial education and products at their place of work. In this regard, we strongly believe that voluntary workplace pensions is the next logical step in encouraging take-up of personal pensions and we are looking forward to the enactment of the relevant legislation that will provide the framework for the provision of Voluntary Occupational Pension Schemes as announced in the 2017 budget.

It is vital to prioritise your goals and give adequate importance to all areas of financial planning – addressing your protection needs, retirement planning, managing your wealth and planning for your children’s education – and ensuring you review these annually

We want to play an active role in developing a stronger long-term savings culture in Malta.

What are the pitfalls of investing in low-interest products given that the rates may rise?  Should an investor look for flexible investments that they can re-allocate if they do?

Christian Debono

HSBC Bank Malta
Network wealth director

Financial planning is essential if you want to make the most out of your money: to grow it, protect it and use it to achieve your goals. Financial planning can be as simple as you want it to be; we always encourage our clients to take the time to meet and discuss what their goals and ambitions are for their money.

We seek to help our customers understand their goals and devise plans that help them meet them.

It is vital to prioritise your goals and give adequate importance to all areas of financial planning – addressing your protection needs, retirement planning, managing your wealth and planning for your children’s education – and ensuring you review these annually.

Of course, there are many different ways to save and invest including savings accounts, bonds, property, shares and investment funds. Our financial planning advisers can help you select the best investment based on your specific needs out of all the available options through HSBC.

We are also experienced in making personalised recommendations from a wide choice of funds including our range of locally-managed investment funds which have a very strong track record in the Maltese investment market and our globally diversified investment solutions, some of which have the objective to give you smooth annual returns over the medium to long term.